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Gold price remains trapped inside the triangle pattern. The price has tested the upper triangle boundary several times and it got rejected each time. Despite the dollar strength, the Gold price did not break below the lower triangle pattern boundary either. If the dollar starts to weaken, we may see the final leg higher in Gold towards $1,310-20.

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EURUSD: decline from the upper line of the channel expected

Previous:On Wednesday the 9th of January, trading on the euro closed up. The single currency rose on the back of a broadly weaker dollar. The US dollar index fell on account of remarks made by an FOMC member.

Chinese data disappoints the global investors.Trade was non-directional during the Asian session. USD generally remains weak under the influence of a mix of factors: change in Fed tone, government shutdown, technical break. The sentiment in Asia temporarily broke down the weaker data from China, but over time the stock exchanges have risen to end up again in the end.

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Gold price is challenging its recent highs. Price did not move as low as $1,270 as we initially expected maybe because the corrective pattern followed was a triangle. Trend remains bullish as long as price is inside the bullish channel.

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EURUSD: LB line providing support to the bulls

Previous:On Tuesday, trading on the EURUSD pair closed down. The pair’s decline was minimal as the bulls managed to partially recover their losses in the US session and bring the market into a sideways trend. The pair initially came under pressure after weak data from the Eurozone and Germany, in addition to a broadly stronger dollar after a rise in US bond yields.

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The stock market in Asia is green. Shanghai Composite is growing 0.8 percent today and Hang Seng is gaining 2 percent. In Japan, Nkkei225 gained 1.1 percent.The currency market shows clear signs of risk appetite. They gain the following currencies: NZD, CAD, NOK. Safe currencies do not perform well: USD, CHF and JPY.CAD and NOK find additional support in oil price increases. WTI and Brent gain more than 1 percent today as oil set the high at 50.63 USD, at the most until December 17.

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Gold price is sliding lower but in a slow move. Trend remains bullish but as we explained in previous posts, it was time for a healthy pull back towards $1,270. I continue to expect Gold price to move towards the lower channel boundary but overall I do not think the up trend is over.